Displaying items by tag: Loss

Egypt: Sinai Cement’s sales were US$104m in the first nine months of 2023, up by 99% from US$52.4m in the corresponding period in 2022. As such, it succeeded in reducing its net loss by 31%, to US$3.93m from US$571m.

China: Tangshan Jidong Cement recorded US$3.05bn in sales during the first nine months of 2023, down by 18% year-on-year from US$3.74bn during the first nine months of 2022. Its nine-month net loss was US$44m, against a profit of US$223m one year previously.

China: Xinjiang Tianshan Cement, a subsidiary of China National Building Material (CNBM), recorded sales of US$3.68bn during the third quarter of 2023. This corresponds to a 19% year-on-year rise compared to third-quarter 2022 levels. Reuters has reported that Xinjiang Tianshan Cement’s net loss was US$12.4m, while in the corresponding quarter of 2022 it recorded a profit of US$78.3m.

Uruguay: The government has declared void its tender for offers for Cementos del Plata, the cement business of state-owned Administración Nacional de Combustibles, Alcohol y Portland (ANCAP). Montevideo Portal News has reported that no bids for the business were forthcoming before the end of the tender period on 12 September 2023. Cementos del Plata has debts of US$33m and made a loss of US$20m in 2022. It expects its losses to increase by 25% to US$25m in 2023. ANCAP president Alejandro Stipanicic said that the outcome marked the close of the latest stage in the efforts to rescue the business, but that “The search for a solution will not cease."

Stipanicic said “Perhaps in Uruguay we overestimated it. Perhaps in Uruguay we wanted to believe that we had something that was worth a lot, but the value of things is not set by those who own them, it is set by those who want something. That price is clearly less than zero." He added "Today is a sad day for ANCAP, because today the anguish of many good people working in the Portland cement business saw the illusion of having a clear and convincing future frustrated."

Egypt: Sinai Cement’s consolidated sales more than doubled year-on-year during the first half of 2023, to US$76.5m from US$33.2m, Arab Finance News has reported. As such, the company succeeded in reducing its net losses to US$2.58m, compared to US$3.31m in the first half of 2022.

South Africa: PPC has published its Integrated Report for its 2023 financial year, which ended on 31 March 2023. The producer recorded revenues of US$559m, up by 0.2% year-on-year from US$557m in the 2022 financial year. Its cost of sales declined by 0.1% to US$471m from US$472m. As a result, PPC's loss widened by a factor of more than seven, to US$32.5m from US$4.36m.

PPC's cement volumes fell by 5.8% in South Africa and Botswana, where its cement prices rose by 8%. The company noted sustained 'good demand' for cement in coastal South Africa. It said that demand was 'robust' in Zimbabwe, however its local sales volumes fell by 16% on account of an extended kiln shutdown at one of its cement plants during the half. In Rwanda, PPC's subsidiary CIMERWA increased its cement volumes by 1%.

Vietnam: The government has directed state-owned businesses, including Vietnam Cement Industry Corporation (Vicem), to take measures to mitigate potential losses of state assets in construction. The Vietnam Investment Review newspaper has reported that a recent audit concluded that companies' equitisation processes created scope for such losses within the sector.

China: China Shanshui Cement has warned investors of an anticipated net loss during the first half of 2023. Dow Jones Institutional News has reported that the group expects to record a '145 - 150%' year-on-year decline in its profit compared with first-half 2022 levels. It attributed this to a fall in the price of its cement throughout the period.

Oman: Raysut Cement reported a net loss of US$4.52m during the first half of 2023. This corresponds to a drop of 67% year-on-year from US$13.8m in the previous first half. The Oman Daily Observer newspaper has reported that the producer attributed the loss reduction to its implementation of operational efficiency and cost reduction measures, as well as growth in sales volumes, during the latest half.

India: Anjani Portland Cement recorded sales of US$80m in the 2023 financial year. This corresponds to a 17% year-on-year drop from US$97m in the previous financial year. India InfoLine News has reported that the producer's total expenditure also dropped, by 2.6% to US$77.4m from US$79.5m. It reported a net loss after minority interests of US$7.03m, compared to a net profit of US$5.01m in the 2022 financial year.